Mumbai, July 03, 2019: SVC Co-operative Bank, one of the leading Urban Scheduled Co-Operative Banks in India, today said that it has recently gone live with an integrated SWIFT solution from Globsyn 3rd.Life for enhanced security and compliance of its SWIFT-based international inter-banking transactions. The SWIFT (Society for Worldwide Interbank Financial Telecommunication) network enables global banks and financial institutions to send and receive information about financial transactions in a secure, standardized and reliable environment.
Globsyn 3rd.Life’s integrated solution includes a SWIFT-accredited interface along with NOTIVA PRIME. Developed by Globsyn 3rd.Life, NOTIVA PRIME is a first-of-its-kind middleware solution that enables real-time ‘Straight-Through Processing (STP)’ between a bank’s Core Banking System (CBS) and the SWIFT network. The Reserve Bank of India had in February 2018 mandated STP for SWIFT transactions to all banks operating in India.
A SWIFT-accredited interface is a specialised software that is used to write and transmit transactional messages over the SWIFT network. There are around a dozen interfaces that are accredited by SWIFT for use on its network. SVC Bank had earlier used Globsyn 3rd.Life’s SWIFT-accredited interface for managing its international banking transactions from 2007 until 2011, before it switched to SWIFT’s proprietary interface, SWIFT ALLIANCE ACCESS/ENTRY. It has now migrated back to the same accredited interface from Globsyn 3rd.Life. When integrated with NOTIVA PRIME, this interface is not only more robust and secure for all international transactions, but is also compliant with SWIFT global CSP guidelines as well as RBI mandates.
Mr. R. Janakiraman, Treasury Head at SVC BANK said, “We were looking for an affordable solution for our CBS and SWIFT interface integration. We evaluated many vendors and finally chose ‘NOTIVA Prime’ from Globsyn 3rd.Life, since this middleware not only does STP but meets many other compliance requirements as well. It provides message formatting and network validation of the SWIFT messages, which reduces our SWIFT related cost. More importantly, it tracks and reconciles in real-time the CBS source data against the SWIFT Acknowledgement received from the SWIFT Network thereby increasing the security of the system. Also, the incidence of NAK messages have drastically reduced. In short, by keeping just an intelligent middleware in place, we feel we have more control over our own financial data.”
Globsyn 3rd.Life’s integrated SWIFT solution deliver superior functionality and enhanced control over international banking transactions over the SWIFT network. It is also significantly cheaper than its competitors, making it an affordable yet highly-effective choice for Indian banks looking to comply with the latest RBI guidelines and mandates.
About Globsyn 3rd.Life
Globsyn 3rd.Life is a subsidiary of Kolkata based Globsyn group. They develop innovative and cutting edge tech products tailor-made to suit particular business needs, be it in any industry or domain. Their deep business and industry acumen enables them to design and customize solutions to specific business problems while their technical expertise helps businesses to speed and scale up for a faster and higher return on capital.
Globsyn 3rd.Life’s service Offerings are built around the three pillars of Technology Services, Business Process Services, and Data Management Services where mobility, software development, consultancy, and support Services along with advanced data management and content curation capabilities are areas they are known for. Their services are also based on our core ‘Beyond Solutions’ philosophy where they take the extra step to ensure that beyond the technical solution to business problems, their all-around consulting and technical support services help take businesses to the next level.
About SVC Bank:
SVC Co-operative Bank Limited (Earlier known as The Shamrao Vithal Co-operative Bank Ltd.) was founded when co-operation was just beginning to gain ground in the country. It was set up with the primary objective of assisting the less fortunate members of the community in its economic enterprises, to encourage savings and to create funds for providing financial aid to deserving members. Late Rao Bahadur Shripad Subbarao Talmaki, the Maharshi of Co-operation, was the main architect of the Bank and he named it after Late Shamrao Vithal Kaikini, who was his main guiding force and Guru. The Bank was originally registered as a Co-operative Credit Society on 27th December 1906. Thus inspired by lofty ideals for the betterment of the economic, moral and material well-being of the Community, the Bank was brought into existence with modest beginnings.
SVC Co-Operative Bank Chooses Integrated SWIFT Solution from Globsyn 3rd.Life for Enhanced Security and Compliance
